HSBC set a new record low rate today but a top mortgage adviser doesn’t expect more rate drops to follow.

The Financial Services Federation (FSF) will be recognising the ‘stars’ of New Zealand’s financial services sector in its brand new Crediting Excellence Awards, an event focused on promoting responsible non-bank lenders.

FSF executive director Lyn McMorran says the awards are an opportunity for the financial services sector to showcase its excellence and allow nominees to ‘demonstrate how they have gone the extra mile in their dedication to responsible lending.’

“It’s often the way in the financial sector that the bad eggs get all the attention, but there are many people in this sector who are doing a fantastic job providing suitable and responsible finance products to Kiwis all over New Zealand,” says McMorran. “We think it’s about time that the stars in responsible lending got recognised too.”

“There are seven lender responsibility principles in the Credit Contracts and Consumer Finance Act (CCCF Act) which detail what lenders need to do to be responsible,” McMorran tells NZ Adviser.

“These cover things like advertising, the application process and the disclosure on the lender’s website regarding their interest rates, fees and the terms and conditions of their loans. They also include assessment of affordability to ensure that repayments can be met without causing substantial financial hardship. But what we’re looking for is nominees going that one step further, and not just meeting the law. We look at what else lenders do to try and demonstrate responsible behaviour, and the idea is around celebrating excellence in the field rather than simply ticking the boxes.”

The event line-up will include sector officials such as Commerce and Consumer Affairs Minister Hon Kris Faafoi, representatives from The Commerce Commission and anti-money laundering specialists.

Nominations are open for the inaugural FSF awards, which will take place following the FSF Conference on October 10.